995: Strategic underwriting
\nCoursework \u2013 assignment 2
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\nCopyright \u00a9 2022 The Chartered Insurance Institute. All rights reserved.
\nAssignment 2
\nYou are the Chief Underwriting Officer (CUO) for TX plc, a global commercial and personal lines insurer with
\noffices worldwide. The majority of its business is distributed through brokers, with good service being an
\nintegral part of its offering. In recent years, TX plc has won several ’employer of the year’ awards.
\nTX plc’s planned growth and profitability has been adversely impacted as a result of a pandemic. This
\npandemic has resulted in changes to TX plc’s business, as follows:
\n\u2022 Fewer commercial policyholders, caused by a significant number of businesses closing.
\n\u2022 An increase in debt, due to late payment or non-payment of policyholders’ premiums.
\n\u2022 A reduction in the amount of cover required and reduced uptake of policy add-ons.
\n\u2022 A loss of personal lines policyholders to competitors offering lower premiums.
\nOther changes to TX plc’s business include employees primarily working from their homes. This has resulted
\nin the following:
\n\u2022 More efficient processing and fewer errors when drafting policy wordings.
\n\u2022 Decreased employee interaction and morale.
\n\u2022 Limited training and development of underwriters.
\n\u2022 Reduced opportunities for knowledge sharing.
\nAs a result of the pandemic, the Board of TX plc has asked you to consider how TX plc can effectively
\nmanage this reduction in growth and profitability, whilst ensuring an efficient and satisfied workforce.
\nQuestion
\n\u2022 Explain briefly, three significant strategic underwriting issues that have arisen from the changes to TX
\nplc’s business, as a result of the pandemic.
\n\u2022 Analyse the extent to which these significant strategic underwriting issues are being managed to ensure
\ngrowth and profitability.
\n\u2022 Recommend, based on your analysis, how TX plc should manage these strategic underwriting issues to
\nensure growth and profitability.
\n995\/2022 995: Strategic underwriting 2
\nCopyright \u00a9 2022 The Chartered Insurance Institute. All rights reserved.<\/p>\n","protected":false},"excerpt":{"rendered":"
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